EUROCORP

Financial Morning News 17/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 919.11 posting profits of 2.50%, in a low turnover of €47.19mn.

The Prime Minister Mr. Antonis Samaras is to meet the coalition partners Mr. Evangelos Venizelos of PASOK and Mr. Fotis Kouvelis of Democratic Left regarding the future of state broadcaster ERT at 7.30 p.m.

The Euro Working Group approved the disbursement of the next bailout loan tranche of €3.3bn to Greece, although the disbursement itself will not take place before the Eurogroup meeting on Thursday.

The heads of the troika met on Sunday with the Finance Ministry Mr. Stournaras, but no decision is taken. The main issues were the combating tax evasion and the restructuring of the tax collection mechanism. The top representatives of the troika are scheduled to leave Athens on Friday.

Corporate Impacts

  • NBG:It announced that it raised 10.8% of the funds needed to plug a €9.65bn capital shortfall, with about half, or €500mn, coming from foreign investors. As a result, the bank will not need to resort to issuing costly contingent convertible bonds (CoCos).
  • Hellenic Petroleum:The Azeri state energy company Socar said that it has started talks with the Greek government on purchasing the the natural gas transmission network operator DESFA, after being the only bidder in a failed tender for the asset sale.
  • Technical

    FTSE 25 June future:

      Support levels: 306-300-294. Resistance levels: 320-328-336.

    General Index:

      Support levels: 900-880-845. Resistance levels: 950-980-1,000.

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